Apple’s CEO has signed a secret agreement with China worth $ 275 billion. It aimed to cancel a number of regulatory actions against the company, reports The Guardian, citing the site The Information.
The five-year agreement was reached when Cook visited China in 2016, according to the article, which cites interviews and internal documents of Apple.
According to the information, Tim Cook has promised that his company will make investments in the country, provide business deals and organize training for workers.
Part of Apple’s investment in China is planned to build new retail stores, research and development centers and renewable energy projects.
China is one of Apple’s largest markets with annual sales growth of 83% in the country in the fourth fiscal quarter.
Apple has promised to use more components from Chinese vendors to assemble its devices, sign deals with Chinese software companies, collaborate with Chinese universities in technology and invest directly in Chinese technology companies.
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